More On: morgan stanley Morgan Stanley boss James Gorman anoints possible successors Bitcoin, cryptocurrencies rebound after a brutal week of losses Morgan Stanley reveals nearly $1B loss from Archegos implosion Morgan Stanley dumped $5B in Archegos’ stocks before fire sale: report Morgan Stanley’s top boss issued a stern warning to his staff Monday — come back to the office by Labor Day, or face a pay cut.
“Make no mistake about it.We do our work inside Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people,” Chief Executive James Gorman said during the firm’s annual U.S.Financials, Payments & CRE conference from the bank’s Midtown office, which was held virtually this year.
“If you can go into a restaurant in New York City, you can come into the office.”
Since the pandemic first started, the banking giant permitted its 70,000 employees to work from home, but with 70 percent of Big Apple adults vaccinated and an infection rate that’s not even half a percent, Gorman said it’s time for workers to get off their couches and back to their desks.
“On Labor Day, I’ll be very disappointed if people haven’t found their way into the office.Then, we’ll have a different kind of conversation,” the head honcho warned.
Gorman has been schlepping into the office four days a week ever since last July, the Daily Mail reported — even though he contracted COVID-19 himself last year.
The chief executive also sent a sobering message to workers who escaped to far off locales to ride out the pandemic — if you want a New York City salary, you’ll have to be in the five boroughs to earn it.
Morgan Stanley CEO James Gorman threatened the possibility of pay cuts for staff who do not return.
Getty Images “If you want to get paid New York rates, you work in New York.None of this, ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City,’” Gorman barked.
“Sorry, that doesn’t work.”
A similar move has been adopted by Facebook, which told employees if they want to keep working outside of San Francisco or New York, they’ll have to take a paycut.
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Goldman Sachs lifts mask mandate amid push to return to office Wall Street titan Goldman Sachs is joining Main Street chains…However, Gorman’s heavy hand hasn’t yet been adopted by Morgan Stanley’s competitors.
At Goldman Sachs, most Big Apple staff were required to be back at their desks on Monday but there’s no word yet if there’ll be salary cuts for those who fled to cheaper pastures.
But given that so many New Yorkers are moving to Florida, the investment bank does plan on moving 100 roles from the five boroughs to West Palm Beach, the Daily Mail reported.
Meanwhile, JP Morgan Chase wants their staff back but they plan to cap the office capacity at just 50 percent with a longer term goal of keeping 10 percent of the company’s 225,000 workforce at home permanently.
Citi Group, which is run by female CEO Jane Fraser, cited childcare issues as the reason she’s waiting to force staff back in.With schools, daycares and summer camps closed during the pandemic, childcare became an enormous struggle for workers and was a burden that largely fell on the shoulders of women.
Fraser said she plans to wait on getting staff back to their desks until young kids can get vaccinated and in-person childcare is completely resumed.
The investment bank expects its workers to be back in the office by Labor Day.Corbis via Getty Images Currently, Big Apple businesses are free to welcome back 100 percent of staffers, without social distancing or health screenings, as long as everyone is vaccinated — but that rule is expected to lift Tuesday now that 70 percent of adults have gotten at least one dose of the COVID-19 vaccine.
Gorman didn’t say if staff will be fired if they refuse to come back or if there’ll be exemptions, such as for people with health concerns.
Meanwhile, Morgan Stanley staff in India, which has a workforce of 10,000, won’t be required to come back to the office this year given the sluggish vaccine roll-out in the country and the extreme outbreak they’re facing, the Daily Mail reported.The same goes for staff in the UK, the outlet said..
